If India’s electrical car (EV) trade got here inside a whisker of reaching a file 2 million (20 lakh) retail gross sales in CY2024, then it’s due to the massive volumes supplied by essentially the most inexpensive sub-segment – electrical two-wheelers. Of the the entire 1.94 million EVs offered throughout car segments in India in 2024 (up 27% YoY), electrical scooters and bikes accounted for 1.14 million models (11,48,415) or 59% – up from the 56% share of 2023 – recording robust double-digit progress of 33% (CY2023: 860,418 models, up 36% YoY).
Apart from the final month of the yr, retail gross sales of electrical scooters and bikes maintained their robust double-digit progress all through CY2024.
Whereas the preliminary price of an electrical two-wheeler sometimes stays larger than its petrol-engine sibling (despite the fact that some OEMs have rolled out inexpensive fashions in 2024), what’s enabling the transition from ICE to EV is the promise of wallet-friendliness in the long run. Petrol costs (Rs 103.49 a litre on December 31 in Mumbai) have remained roughly unchanged since Might 2022.
Together with demand for private mobility, e-two-wheeler producers are additionally benefiting from sustained demand for last-mile deliveries from city India in addition to city and nation, which is performing as a gross sales catalyst for e-two-wheelers deployed for e-commerce and meals deliveries. That is because of the important thing benefit stemming from TCO (Whole Price of Possession), significantly for fleet operators who clock loads of kilometres every day. Just like the plane trade, e-vehicles used for fleet operations generate income the extra they’re on the highway. It’s a plug-in-plug-out seamless operation for them – whereas 50% of the fleet could be out on the job, the opposite half is getting charged, prepared to interchange their parched brethren after they are available for his or her ‘juice’ of electrical energy.
In a area comprising 220 gamers – up from 180 in CY2023 – there are 4 OEMs which have had the large’s share of the market in 2024. Ola Electrical, TVS Motor Co, Bajaj Auto and Ather Power have all registered six-figure gross sales and likewise their very own particular person best-ever annual performances. The mixed gross sales of this quartet add as much as 947,623 models, which constitutes 82% of India’s complete e-two-wheeler gross sales. Curiously, apart from Bajaj Auto – which Autocar Skilled appropriately forecast a yr in the past that it was the darkish horse for all 2024 – all three OEMs have their manufacturing crops in Tamil Nadu.
In the meantime, Hero MotoCorp, Greaves Electrical Mobility, Revolt Motors, Bgauss Auto and Kinetic Inexperienced are additionally making their presence felt within the sector. Right here’s taking a better take a look at the highest six OEMs who have been the movers and shakers of the Indian e-two-wheeler trade in CY2024.
OLA ELECTRIC
CY2024: 407,547 models, up 52% YoY / Market share: 35%
CY2023: 267,376 models, up 143% / Market share: 31%
Market chief Ola Electrical wrapped up 2024 with its best-ever annual retail gross sales of 407,547 models, up 52% YoY. On December 15, Autocar Skilled broke the information of Ola being the first EV maker to sell over 400,000 units in a calendar year. Its 2024 rely may have been a lot larger had it maintained the identical progress trajectory it displayed within the first half of the yr. Quarter on quarter, gross sales stored dropping. Whereas Q1 CY2024 noticed gross sales of 120,130 models, Q2 (108,407 models), Q3 (94,171 models) and This autumn (84,838 models) have been all decrease than Q1 (see Ola’s 12-month gross sales knowledge above).
Ola Electrical’s present mass-market S1 X portfolio is on the market in three battery configurations (2 kWh, 3 kWh, and 4 kWh), and priced at Rs 69,999, Rs 84,999, and Rs 99,999, respectively (ex-showroom Delhi). The corporate has additionally just lately revised the costs of its S1 Professional, S1 Air, and S1 X+ to Rs 129,999, Rs 1,04,999, and Rs 89,999, respectively.
However, anticipate Ola to up the ante in CY2025 when it begins delivering the brand new merchandise – the S1 Z priced at Rs 59,999 and the S1 Z+ which costs Rs 64,999 and the Ola Gig, a devoted product for the gig economic system, priced at a particularly inexpensive Rs 39,999, it launched in end-November. Deliveries of the S1 Z, S1 Z+, Gig and Gig1 are slated to start solely subsequent yr, round April-Might.
In the meantime, on Christmas Day 2024, Ola introduced that it had expanded its community to all of 4,000 shops throughout India. With 3,200 new shops co-located with service centres, this enlargement will make Ola’s EVs extra accessible throughout metros, Tier-2, and Tier-3 cities.
Ola had opened CY2024 with 32,424 models (up 77%) in January, hit a excessive of 53,640 models in March (up 150%) and maintained stellar month-on-month progress proper from April by means of to July till the sharp drop in August and September. Ola’s gross sales decline in August and September have been attributed to be associated to a lot of buyer complaints about service deficiencies. Nevertheless, following the just lately listed firm’s assurance that it had addressed 99.1% of the complaints to the satisfaction of its customers by means of its redressal mechanism, gross sales noticed a robust revival in festive October to 41,775 models (up 75%). However November and December noticed demand down once more.
When it comes to market share, Ola, which had hit a low of 27% in September – down by 11 proportion factors from the 38% it commanded in March 2024 and July 2024 – regained some momentum in October with 30% however dropped to 24.54% in November. Cumulative 12-month sales-wise, Ola stays a yawning distance forward of the competitors. Its CY2024 gross sales (407,547 models, up 52% YoY) give it an total market share of 35%, up from 31% within the year-ago interval.
TVS MOTOR CO
CY2024: 220,472 models, up 32% YoY / Market share: 19%
CY2023: 166,580 models, up 252% / Market share: 19%
TVS Motor Co retains its No. 2 place in CY2024 with complete retails of 220,472 iQubes, marking the primary time that it has surpassed the 200,000-units gross sales milestone in a yr. This constitutes a 32% YoY improve (CY2023: 166,580 models, up 252%) and interprets into an extra 53,892 models offered, thereby guaranteeing that it stored a hard-charging Bajaj Auto at bay. The competition month of October 2024, which noticed 30,180 iQubes being purchased, was the very best one for TVS in 2024, adopted by the FY2024-ending March (26,644 models).
With this efficiency, TVS and the iQube have a market share of 19% in CY2024 – the identical as in CY2023. The TVS iQube is on the market with three battery choices – 2.2 kWh, 3.4 kWh and 5.1 kWh. The bottom variant (2.2kWh), with 75km real-world vary and a charging time of two hours, 45 minutes from 0-80% with a 950W charger, is essentially the most inexpensive iQube at Rs 84,999 (ex-showroom Mumbai). This mannequin together with the three.4 kWh iQube (Rs 119,000 and 100km vary) get a 5-inch TFT show with tow and theft alerts and turn-by-turn navigation.
The iQube ST line-up has two variants with 3.4kWh (Rs 138,500) and 5.1kWh (Rs 185,400). Whereas the ST 3.4 variant has a claimed real-world vary of 100km, the range-topping ST 5.1 variant has the biggest battery capability of any Indian electrical scooter and a real-world vary of 150km on a single cost. The iQube ST 5.1 additionally has the next 82kph prime pace, and the claimed charging time is 4 hours and 18 minutes from 0 to 80 p.c.
The corporate, which has ample manufacturing capability available, is strategically increasing the iQube vendor community. At present estimated at round 750 touchpoints throughout India, TVS is growing the community every month. The corporate, which expects two-wheeler EV gross sales in India to succeed in 30% market penetration by CY2025, plans to roll out a brand new electrical scooter earlier than the tip of FY2025.
It will likely be among the many strikes that TVS, which the longstanding No. 2 OEM on this phase and at the moment engaged in a fierce battle with Bajaj Auto, to guard its turf. In CY2023, TVS had offered a complete of 166,580 iQubes – 94,639 models greater than Bajaj Auto’s 71,941 Chetaks. That vast hole is now stands sizeably decreased in CY2024 to 27,033 models. And Bajaj Auto had gone forward of TVS in two of the previous 12 months – September and December. The battle will proceed in CY2025.
BAJAJ AUTO
CY2024: 193,439 models, up 169% YoY / Market share: 17%
CY2023: 71,941 models, up 235% / Market share: 8%
Bajaj Auto, with best-ever annual retail gross sales of 193,439 Chetaks and 169% YoY progress (CY2023: 71,941 models), unseated CY2023’s No. 3 OEM Ather Power to take the third rank on the rostrum. The corporate not solely outsold Ather in every of the previous 12 months however has come inside biting vary of TVS, ending CY2024 27,033 models in need of its legacy rival.
Like TVS, Bajaj additionally dispatched a file 28,360 Chetaks to its sellers in October, its finest month but. The corporate’s speedy price of progress might be seen in the truth that in CY2024, an extra 121,498 Chetaks have been offered in comparison with CY2023. That is amply mirrored in its market share which has greater than doubled to 17% from 8% a yr in the past.
On December 20, Bajaj Auto expanded its Chetak mannequin portfolio with the launch of the brand new 35 Collection which includes three variants: 3501 (Rs 127,000), 3502 (Rs 120,000) and 3503. The highest-spec 3501 variant has a touchscreen TFT console with smartphone connectivity, Google Maps navigation, doc storage, and security options like geofencing. The 3501 is the one variant which will get a key-fob and a lockable glovebox in entrance. The 3502 has comparable options and a TFT albeit it is not a touchscreen unit and borrowed from the outgoing top-spec Chetak 3201. The 3502 and 3503 miss out on a lockable glovebox and get two open cubbies. Moreover, the 3503 additionally misses out on a entrance disc brake and will get drum brakes at each ends.
The battle between Bajaj Auto and TVS has turned intense. In comparison with CY2023, Bajaj Auto offered an extra 121,498 Chetaks whereas TVS offered an extra 53,892 models. Each the TVS iQube and Bajaj Chetak have been launched in January 2020. Whereas the TVS iQube has clocked cumulative retails of 439,726 models over the 60 months since launch, the Bajaj Chetak has offered a complete of 296,574 models, of which 65% have are available CY2024 itself.
Bajaj Auto’s speedy price of progress helps it to shut the hole yearly with TVS, which is the longstanding No. 2 OEM. It is a results of robust client demand for the Chetak, ramped-up manufacturing and an expanded Chetak retail gross sales community. Clearly, the final is just not heard on the fierce battle between these OEMs for e-scooter supremacy.
In CY2025, like Ola which is focused the gig-worker market with its inexpensive Gig e-scooter, Bajaj Auto has plans to introduce specially designed EVs for gig workers. “Gig employees do not need a car that reveals them as gig employees – they need a household car. We can have Chetak fashions which will probably be used for supply however they are going to be designed recognising the truth that gig employees want a household car,” mentioned Rakesh Sharma, government director, Bajaj Auto, at a spherical desk in Pune after the revealing of the Chetak 35 sequence.
ATHER ENERGY
CY2024: 126,165 models, up 20% YoY / Market share: 11%
CY2023: 104,736 models, up 101% / Market share: 12%
Sensible e-scooter maker Ather Power, ranked No. 4, completes the quartet of OEMs to promote over 100,000 models in CY2024. Like Ola, TVS and Bajaj, Ather too achieved its best-ever annual gross sales final yr. The corporate, whose finest month was March 2024 (17,429 models), noticed gross sales decline sharply in Might and June however returned to five-figure retails from June onwards (see retail gross sales knowledge above).
Cumulative January-December 2024 gross sales at 126,165 models are up 20% YoY (CY2023: 104,736 models, up 101%), which give Ather a market share of 11% of e2W Inc’s complete retails models, down one p.c from the 12% market share Ather had in CY2023.
The Rizta family e-scooter (pictured above left) launched in April at a beginning value of Rs 109,999 (Rizta S) by means of to Rs 149,999 (Rizta Z) is witnessing rising buyer acceptance. Whereas the S model (2.9 kWh battery) has a 123km vary, the Z variant (3.7 kWh) has a 160km vary. The Rizta’s highlights embrace the biggest two-wheeler seat in India and space for storing aplenty. The Ather Rizta just lately bagged Autocar India’s Electrical Two-Wheeler of the 12 months 2025 award.
In an effort to rev up demand for its merchandise, Ather is endeavor new customer-friendly initiatives. In October, it launched Ather Care Service plans which supply free periodic upkeep, reductions on wear-and-tear half replacements, and value-added providers equivalent to ExpressCare and sprucing.
On November 22, Ather Power launched ‘Eight70 Guarantee’ for its 450 sequence and Rizta e-scooters, in collaboration with Reliance Normal Insurance coverage. This addresses prospects’ issues concerning long-term battery well being, efficiency and alternative prices by offering a bunch of advantages together with protection for as much as 8 years or 80,000km, 70% battery well being assurance, full protection towards manufacturing defects and failures; no higher restrict on declare quantities, and no declare rejection attributable to deep discharge of battery cells when the scooter is left uncharged or in an idle state over an prolonged time frame. In accordance with Ather’s Chief Enterprise Officer Ravneet Singh Phokela, “Battery sturdiness is a vital issue for EV patrons. We regularly hear about prospects’ apprehensions concerning the longevity and alternative prices of the batteries of their electrical scooters. Understanding this concern, now we have launched our new Eight70 Guarantee, which is able to get rid of any worries and issues EV patrons could have concerning the long-term well being of their scooter batteries.”
HERO MOTOCORP
CY2024: 43,693 models, up 292% YoY / Market share: 4%
CY2023: 11,141 models, up 101% / Market share: 1%
Hero MotoCorp, which is set to enter the electric motorcycle segment next year with a collectively developed midsize efficiency e-motorcycle with Zero Bikes of the USA, registered a near-three-fold YoY improve in its gross sales of Vida e-scooters in CY2024. At 43,693 models, this marks a 292% YoY improve, albeit on a low year-ago base (CY2023: 11,141 models). October (7,350 models) and November (7,344 models) have been the very best moths for Vida EV retails in 2024. The much-improved efficiency is mirrored in Hero MotoCorp’s rising market share, which has risen to 4% from 1% in 2023.
Hero MotoCorp has began scaling up model presence for Vida and its community now stands at 203 touchpoints comprising 180 sellers throughout 116 cities. The corporate, which has the V1 Plus and V1 Professional EVs, plans to develop its portfolio – inside the mid- and inexpensive phase – inside FY2025. And it already has round 2,500 charging stations in collaboration with Ather Power, through which Hero MotoCorp is an early investor.
Like all of the main EV OEMs, Hero MotoCorp too is specializing in lowering product price. In an earnings convention name in mid-August 2024, Niranjan Gupta, CEO, Hero MotoCorp had mentioned: “We’re working very aggressively, and on the powertrain aspect, to deliver the prices down by technological enhancements, by localization, clearly, by bringing scale. You will notice that profit popping out into our additional launches as effectively. You will see inexpensive merchandise popping out later this yr.”
That got here in early December when Hero MotoCorp expanded its EV portfolio with the launch of the new Vida V2. The Vida 2 is actually an evolution of the V1 vary that the world’s largest ICE two-wheeler started its electrical mobility journey in October 2022. The Vida V2 is on the market in three variants: Lite (Rs 96,000), Plus (Rs 115,000) and Professional (Rs 135,000). Essentially the most inexpensive V2 Lite is a wholly new variant and comes with a small 2.2kWh battery pack that has a claimed 94km IDC vary. It additionally has a decrease 69kph prime pace in comparison with the Plus and Professional variants, which have prime speeds of 85kph and 90kph, respectively. Solely two driving modes can be found on the V2 Lite – Experience and Eco – however the remainder of the feature-set is similar to the opposite two, together with the 7-inch touchscreen TFT show.
GREAVES ELECTRIC MOBILITY
CY2024: 35,058 models, up 46% YoY / Market share: 3%
CY2023: 24,042 models, up 45% / Market share: 2.79%
Greaves Electrical Mobility (GEM), which at the moment has a six-model portfolio of e-scooters comprising the Nexus (pictured above), Primus, Magnus LT/EX (100km+ vary), Ampere Magnus Particular, entry degree Rio Li/La Plus and Zeal EX, has registered its best-ever annual gross sales in CY2024: 35,058 models, up 46% YoY (CY2023: 24,042 models. This efficiency offers it a market share of three.05%, barely larger than the two.79% it had in CY2023.
GEM’s latest product – the Ampere Nexus launched in end-April – appears to be the important thing driver of this progress, which has been confirmed by the administration. In an investor convention name on November 7, 2024, Okay Vijaya Kumar, Government Director and CEO, Greaves Cotton mentioned: “We’re registering very strong progress month-on-month, quarter-on-quarter based on our new product. The Nexus, which we launched two quarters earlier than is doing very effectively.”
Focused at households, the Ampere Nexus has been designed and developed in-house on the Ranipet facility in Tamil Nadu. Geared up with a 3 kWH LFP battery, the Nexus has a claimed prime pace of 93kph and an authorized vary of 136km. Offered in two variants, costs begin at Rs 110,000 (ex-showroom) and go as much as Rs 120,000.
GEM’s mother or father firm Greaves Cotton, which has launched into a strategic progress mission, is seeing GEM, its electrical mobility division, ship spectacular outcomes, producing revenues of Rs 175 crore in Q2 FY2025 and Rs 302 crore in H1 FY2025. This progress has been enabled by a centered strategy on new product launches and an outlined path towards profitability. GEM’s present e-two-wheeler gross sales and repair community throughout India consists of over 400 gross sales and repair factors.
Greaves Cotton, which additionally has a presence within the electrical three-wheeler market beneath the Ele, Greaves and Electra manufacturers, is trying to up the ante within the EV world. The corporate has introduced plans to record its EV arm – Greaves Electrical Mobility – in CY2025. The purpose is to raise Rs 1,000 crore through a fresh issue of shares. Round Rs 83 crore will probably be invested in establishing an in-house battery pack meeting plant at its Ranipet plant in Tamil Nadu, which went on stream in November 2021.
REVOLT MOTORS
CY2024: 9,951 models, up 43% YoY / Market share: 0.86%
CY2023: 6,977 models, down 53% YoY / Market share: 0.81%
One of many standout gross sales tales of CY2024 – and a revival of types for the corporate – has been the efficiency of Revolt Intellicorp (Revolt Motors), one of many few electrical bike producers in India. The corporate, which earlier had solely the 4.1kW RV400 priced at Rs 116,800 (on-road Mumbai) and the RV400 BRZ, has expanded its portfolio with the launch of the RV1 and RV1+ ‘commuter’ electric motorcycles, priced at Rs 84,990 and Rs 99,990 respectively in october. The RV1 comes with two battery choices – 2.2 kWh battery providing as much as 100km vary, and a 3.24 kWh battery with 160km vary.
Revolt Motors has been aggressively increasing its dealership community throughout India, which now stands at 168 together with 14 new ones in cities equivalent to Hubli (Karnataka), Muzaffarpur (Bihar), Katihar (Bihar), Maheshkhunt (Bihar), Khagaria (Bihar), Nawanshahr (Punjab), Kannauj (UP), Satara (Maharashtra), Sattur (Tamil Nadu), Mayiladuthurai (Tamil Nadu), Bhilwara (Rajasthan), Warangal (Telangana), Balasore (Odhisa), and Bulandshahr (Uttar Pradesh).
The brand new RV1 and RV1+ together with the expanded community appear to have accelerated gross sales. Revolt’s CY2024 retails at 9,951 models are a sturdy 43% YoY improve (CY2023: 6,977 models) which interprets into an extra 2,974 bikes offered final yr. What’s extra, the corporate, which was ranked 14th in CY2023 has risen 4 ranks to No. 10 place in CY2024. It could be recollected that Revolt’s finest annual gross sales got here in CY2022 when it had offered 14,910 models and had a 2.36% market share of the 631,397 electrical two-wheelers offered that yr.
AS HONDA CHECKS IN . . . CY2025 BIDS FAIR TO BE AN EXCITING YEAR
Watt lies forward for the Indian e2W trade? Honda is the newest ICE legacy OEM and the primary Japanese two-wheeler main to plug into electrical avenue.
The Indian electrical two-wheeler trade will probably be wanting ahead to a brand new yr with a lot optimism despite the fact that the subsidy ranges have been watered down. A lot of the main OEMs like Ola, TVS, Bajaj Auto, Ather Power and Greaves Electrical Mobility have outlined plans to launch new merchandise this yr. This, together with the elevated protection of EV charging infrastructure, each non-public and public, will act as a catalyst for progress in CY2024.
These prime 5 gamers although have brand-new competitors coming their approach within the type of the Honda Activa e and QC1 revealed on November 27, which mark the Japanese OEM’s entry into the Indian electrical two-wheeler market. Whereas Honda has not but revealed the costs of the 2 EVs, contemplating that it has already achieved 99% localisation, one can anticipate the corporate to give you disruptive pricing to unsettle the competitors.
All the highest six OEMs – Ola (which has launched the S1 Z and Gig), TVS, Bajaj Auto, Ather Power, Hero MotoCorp and Greaves Electrical Mobility – are aggressively working to come back with up ‘inexpensive’ or decrease priced EVs, extra so within the wake of persistently lowering subsidies. Clearly, there’s loads of thrilling new product motion to be anticipated in CY2025. So, keep plugged in to Autocar Skilled’s gross sales analyses for in-depth number-crunching.
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